The global market for Glass Packaging is expected to reach USD 68.4 billion by 2020, according to a new study by Grand View Research, Inc. Growing beer consumption, especially in parts of Eastern Europe and Asia Pacific is expected to be a key driver for the growth of the market over the next five years. In addition, the increasing preference towards use of glass in packaging of food and beverage, pharmaceuticals and cosmetics is further expected to boost the market in the near future.
Alcoholic Beverages were the largest consumers of glass packaging and consumed over 25,000 kilo tons of glass in 2013. Beer is expected to witness fastest growth at an estimated CAGR of 4.2% from 2014 to 2020. Pharmaceuticals along with food and beverage were the other large application segments for glass packaging and are expected to witness substantial growth over the next five years. However, the substitution of glass by plastic as a medium of packaging is expected to be a key restraint for the growth of the market.
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Further key findings from the study suggest:
- Global glass packaging market volume was estimated to be 47,000 kilo tons in 2013 and is expected to reach 60,846.5 kilo tons by 2020, growing at a CAGR of 4% from 2014 to 2020.
- Asia Pacific is expected to maintain leadership position in the market, and is estimated to account for close to 38% of the global glass packaging demand by 2020. Europe, which is the second largest market, is expected to play a key role in boosting the demand for glass packaging owing to the increased beer consumption from countries of Eastern Europe.
- Asia Pacific is also expected to be the fastest growing regional market over the next six years, growing at an estimated CAGR of 4.2% in terms of volume from 2014 to 2020.
- The global glass packaging market is highly fragmented, with a couple of companies having significant share of the market, in comparison to numerous companies catering to the local markets. OI or Owens Illinois Inc and Saint Gobain are the key players in the glass packaging market catering to majority of the application segments. Other key companies in the market include Ardagh, Vidrala and Vetropack among.